It's still a bull market for stocks: Laszlo Birinyi

Laszlo Birinyi, Birinyi Associates, shares his top stock picks, including Restoration Hardware and Whirlpool. He also discusses the health of the U.S. economy.

Investors shouldn't be distracted by the wreck in tech, momentum names or social media—the bull market remains intact, Laszlo Birinyi said Friday.

"I'm still comfortable. Our target is to close above 1,900 this quarter," the founder and CEO of Birinyi Associates said. "I think right now there's an awful lot of noise, and you have to separate the noise from the signal."

Birinyi said that he saw a continued bullish trend from stronger-than-forecast corporate earnings this quarter and the potential for retail investors who are sitting on the sidelines to get back in.

Headline risk, he added, was overemphasized.

"Haven't we been worried about the economy for the last four years? Haven't we missed a lot of these numbers?" he said. "And it's the first time in my long experience that I've seen economists tweak GDP. You know, for years, they would put out forecasts and that would be the forecast. Now, a retail sales number comes in—whoops, we're going to make it from 1.8 to 1.7 or 1.9."

"I look at the history of the market, and I see the same recurring concerns, And I see the market sort of dismissing them one by one."

Among his best picks for investing was Restoration Hardware, which he said was an "interesting space" that moves beyond the traditional retailer. "And the stock's earnings have been strong," Birinyi added. "We're very happy with it."